Corporate Crime & Compliance UK

Ex-Barclays Boss Staley Fights FCA Ban Over Epstein Ties

Former Barclays boss Jes Staley will challenge on Monday the Financial Conduct Authority's ban for his lies about his relationship with sex offender Jeffrey Epstein in a high-stakes legal battle that will test the regulator's appetite for taking on the biggest cases.

Home Secretary Yvette Cooper and Chancellor of the Duchy of Lancaster Pat McFadden (left) during a visit to West Midlands police

3 Fraud Reforms You Might Have Missed In The Crime Bill

Buried in legislation designed to crack down on phone thieves and anti-social behavior in the government's new crime bill are a range of reforms intended to strengthen the hand of prosecutors as they fight economic crime.

SFO's Top Lawyer Says IT Glitch Won't Threaten Convictions

Matthew Wagstaff, the Serious Fraud Office's new top lawyer, is clear. Your client's conviction for fraud, bribery or corruption? It's safe.

Justices Rewrite Extradition Rules In Shock To DOJ's Reach

The decision by Britain's highest court to block the extradition of a British trader has rewritten decades of precedent, although lawyers are divided on whether the findings will weaken the long reach of U.S. law or simply refocus it.

February 28, 2025
Illegal Crypto ATM Operator Sentenced To 4 Years In Prison

A London judge sentenced a businessman to four years' imprisonment on Friday for illegally operating a network of crypto ATMs and producing fake documents to hide his involvement, saying his actions were "deliberate, carefully planned and thoroughly dishonest."
February 28, 2025
FCA Charges Pair With Financial Fraud, Money Laundering

The City watchdog said Friday that it has filed criminal charges against financial advisers Kerry Nelson and Jacqueline Stephens for alleged fraud, forgery and money laundering that lost clients £2 million ($2.5 million).
February 28, 2025
UK Litigation Roundup: Here's What You Missed In London

This past week in London has seen the billionaire Zakay brothers, founders of Topland Group, become embroiled in a legal dispute with each other, Unilever sue three major perfume companies over alleged illegal price-fixing, and the publisher of Vogue magazine file an intellectual property suit against Cornucopia Events. Here, Law360 looks at these and other new claims in the U.K.
February 28, 2025
GB News Wins Ofcom Challenge Over Political Host

Television network GB News won its challenge on Friday to the decision of the media regulator that it had breached broadcasting codes by allowing a politician to present news — the first loss of its kind for watchdog Ofcom.
February 28, 2025
Indian Beats Tax Fraud Extradition On Prison Extortion Fears

Sanjay Bhandari will not be extradited to India to face charges of tax evasion and money laundering as a London court ruled Friday that he would be at "a real risk" of inhumane treatment in one of the largest prisons in the world.
February 27, 2025
Poland Can't Exclude Domestic Funds From Tax Break

The Polish government can't offer corporate tax exemptions to investment funds managed outside the country unless it offers the same benefits to domestically managed funds, the European Court of Justice ruled Thursday.
February 27, 2025
Trader Defends Legitimacy Of £1.4B Tax Refunds In Fraud Trial

British trader Sanjay Shah and others accused by Denmark's tax authority of involvement in a fraudulent trading scheme to procure billions in tax refunds argued in a London court Thursday that they could not have fraudulently applied for the refunds because they believed the trades were legitimate.
February 27, 2025
UK Asset Managers Told To Expect Multi-Firm Reviews

The Financial Conduct Authority has told asset managers in a "dear CEO" letter that it will start multi-firm reviews focused on the Consumer Duty and conflicts of interest in specialist areas.
February 27, 2025
SFO Abandons Canary Wharf Move To Bolster Operations

The Serious Fraud Office has dropped plans to move its headquarters from central London to Canary Wharf to reinvest the money into its case work, including a recently created asset confiscation unit.
February 27, 2025
FCA Abolishes Requirement For Consumer Duty Champions

The Financial Conduct Authority said Thursday it has abolished the requirement for firms to have Consumer Duty board champions and will implement around 50 other growth proposals shortly.
February 27, 2025
SRA Chief Exec To Retire Amid Torrid Times For Watchdog

The solicitors' watchdog said Thursday that chief executive Paul Philip will retire after more than a decade in the job, amid a turbulent period for the watchdog that has sparked calls for changes at the top.
February 26, 2025
Law Commission Unveils Plan To Overhaul Criminal Appeals

The criminal appeals system in England and Wales needs to be reformed to allow the wrongfully convicted to successfully challenge their convictions, an independent legal body recommended on Thursday.
February 26, 2025
Billionaire Claims HMRC Failed To Hold Lawful Tax Inquiry

HM Revenue & Customs failed to lawfully notify the right people in its investigation of tax returns for two partnerships, counsel for a hedge fund billionaire told a London court Wednesday.
February 26, 2025
Law Firm Denies Botching Advice On Failed Flat Purchases

A law firm has denied giving negligent advice to investors regarding their failed purchases of flats in a property development, telling a London court that they helped ensure their own downfall by not exploring how risky the deals were.
February 26, 2025
Ex-Pupils Pursue Group Claim Against Infected Blood School

A senior judge apologized on Wednesday to former pupils of a school at the center of an infected blood scandal over the technical nature of a court hearing to decide whether a group litigation order can be granted in a claim for damages.
February 26, 2025
Axiom Ince Crash Sparks Tougher SRA Action Against Firms

The collapse of Axiom Ince Ltd. has "spurred" the solicitors' watchdog into taking more action against law firms over suspected dishonesty and financial misconduct, according to data published on Wednesday by accountants Hazlewoods LLP.
February 26, 2025
Lawyer Suspended For Improper Use Of Client Account

A City solicitor who was convicted in 2023 for tipping off a client about an anti-money laundering investigation by the Serious Fraud Office has been suspended by a tribunal for improper use of a client account.
February 25, 2025
Ex-Allianz Exec Avoids Prison As Massive Fraud Case Wraps

A Manhattan federal judge on Tuesday allowed a former fund executive from New Jersey to avoid prison for lying to clients of Allianz's U.S. unit, citing his cooperation as the government investigated a fraud that cost the German finance giant $6 billion.
February 25, 2025
Austrian Bankers' Extradition Bogged Down Over Toilet Space

An English court has temporarily barred the extradition of an Austrian banker to face money laundering charges in the U.S. over a Brazilian corruption scandal, saying on Tuesday it wanted assurances that his cell would meet minimum space requirements — excluding the toilet.
February 25, 2025
BBC Admits Falling Short On Misconduct Claims Against DJ

The BBC apologized on Tuesday for its failure to address a pattern of behavior by former radio DJ Tim Westwood after an investigation found that it had "missed opportunities" to act on concerns about his conduct, including evidence of bullying and misogynistic behavior.
February 25, 2025
Apple Exploited App Market, Developers Say In £1.5B Trial

Apple was accused Tuesday in a £1.5 billion ($1.9 billion) London competition trial of charging app developers excessively high commissions even when they willingly agreed to pay them, in closing arguments of the first U.K. class action trial against a Big Tech company.
February 25, 2025
Liquidators Bid To Reinstate £102M Award In Hotel Fraud Case

Britain's highest court was urged on Tuesday to find that a businessman should be ordered to pay £102 million ($129 million) in compensation after he helped a property investor spend secret profits generated from the sale of three London hotels.
February 25, 2025
Audit Watchdog Tightens UK Accounting Guidance

The audit watchdog published on Tuesday its finalized guidance to help companies asses whether it is a "going concern," which it said will broaden the scope of its advice to reflect reporting changes and high-profile corporate collapses.
February 24, 2025
Investor Settles In $2.1B Danish Tax Fraud Case

A U.S. investor who was among those accused by Denmark's tax agency of participating in a $2.1 billion tax fraud scheme related to fraudulently claiming refunds on tax withheld from stock dividends has reached a settlement, according to New York federal court documents filed Monday.
February 24, 2025
Denmark Argues Misrepresentation Led To £1.4B Tax Refunds

Denmark's tax authority told the High Court of Justice on Monday that it would not have paid out billions in refunds to a British trader and others accused of involvement in a fraudulent trading scheme had they not submitted forms purporting to show eligibility for tax refunds.

Editor's Picks

5 Questions For Spencer West Partner Karl Foster

The Financial Conduct Authority's approach to enforcement and consumer protection has come up against government economic growth priorities and resistance from the sector to its proposals to "name and shame" companies early on during regulatory probes.
UK Russia Sanctions Face Landmark Test At Supreme Court

The U.K.'s sanctions regime faces a major test on Wednesday as billionaire Eugene Shvidler seeks to have his financial restrictions cast off — the first case to challenge Russian sanctions that has reached the country's highest court.
NCA Has 'Pokers In The Fire' On Sanctions, Top Official Says

The effectiveness of Britain's sanctions regime should not be judged solely by court victories, according to a top U.K. law enforcement official who said there are "unrealistic" expectations about the policing of sanctions imposed in response to the war in Ukraine.

Expert Analysis

Banker Remuneration Proposals Could Affect More Than Pay

The Financial Conduct Authority and Prudential Regulation Authority’s pending proposals to reduce banker remuneration restrictions bring obvious personal financial advantages for bankers, but may have repercussions that result in increased scrutiny of bonus payments and wider changes to workplace culture and overall accountability, say lawyers at Fox Williams.
Rethinking 'No Comment' For Clients Facing Public Crises

“No comment” is no longer a cost-free or even a viable public communications strategy for companies in crisis, and counsel must tailor their guidance based on a variety of competing factors to help clients emerge successfully, says Robert Bowers at Moore & Van Allen.
EU Report May Influence Regulation Of Decentralized Finance

The European supervisory authorities’ recent report on decentralized finance highlights the major regulatory challenges and increased cybersecurity risks of this ecosystem, and will likely provide useful guidance on how the market could be regulated to limit potential risks for investors, say Hubert de Vauplane and Hugo Bordet at Morgan Lewis.
EU Paper Urges Data Protection And Competition Law Unity

A recent European Data Protection Board position paper calls for closer cooperation among data protection and competition authorities, and provides valuable insight for businesses seeking to ensure compliance across an increasingly complex regulatory landscape, say lawyers at Paul Weiss.
Market Infrastructure Regs Aim To Reinvigorate EU Trading

The recently amended European Market Infrastructure Regulation, imposing a requirement on certain financial and nonfinancial institutions to maintain an active EU counterparty account, hopes to incentivize the central clearing of trades, although there are concerns that higher compliance costs will lead to a decrease in competitiveness, say lawyers at McDermott.
The Pros And Cons Of A 2nd Trump Term For UK Tech Sector

While U.S. President Donald Trump’s protectionist stance on trade could disrupt global supply chains on which many U.K. tech firms are reliant, anticipated deregulation could provide fertile ground for investment and growth, and the U.K. tech sector is bracing for a mix of opportunities, say lawyers at Shoosmiths.
Why EU Omnibus Package Is Receiving Mixed Reactions

Although the forthcoming European Union omnibus simplification package consolidating corporate sustainability reporting requirements aims to reduce the regulatory burden on businesses, reaction to the proposals has been mixed, and reassurance is needed that these measures will not result in a watering down of the legislation, say lawyers at Peters & Peters.
Review Of Computer Evidence Use Raises Complex Issues

The Ministry of Justice’s recent call for a review of computer-generated evidence used in criminal proceedings, solicits questions of how such evidence will be defined while also ensuring that changes can withstand technological advances and uphold the effective functioning of the criminal justice system, say lawyers at BCL Solicitors.
How Proposed Private Share Trading System May Benefit Cos.

The government's proposal for a private securities and capital exchange system intends to enhance market practices and risk tolerances, offering a significant way for firms to free up liquidity by allowing investors to trade existing private company shares, say lawyers at Mishcon de Reya.
New Bill Introduces Important Whistleblower Protections

If enacted, a bill that proposes the establishment of an independent whistleblower office in the U.K. offering protected disclosures will encourage individual whistleblowers, and alleviate the pressure for companies to investigate complaints, say lawyers at Tenet Law.
Important Changes To Note In Accountant Ethics Code Update

The Institute of Chartered Accountants of England and Wales' forthcoming code of ethics will bring a number of significant updates to raise standards within the profession, but also risks of professional indemnity claims that could lead to challenges for firms, say lawyers at RPC.
What EU Sustainable Category Proposals Will Mean For Funds

The European Union Platform on Sustainable Finance’s recent proposals to apply stricter product categorization standards for funds subject to the Sustainable Finance Disclosure Regulation will assist retail investors in selecting sustainable products, and allow advisers to easily match their clients’ preferences, say lawyers at Debevoise.
What To Expect As CAT Considers Mastercard Settlement

It is expected that the Competition Appeal Tribunal will closely scrutinize the proposed collective settlement in Merricks v. Mastercard, including the role of the case’s litigation funder, as the CAT's past approach to such cases shows it does not treat the process as a rubber stamp exercise, say lawyers at BCLP.
Managing Transatlantic Antitrust Investigations And Litigation

As transatlantic competition regulators cooperate more closely and European antitrust investigations increasingly spark follow-up civil suits in the U.S., companies must understand how to simultaneously juggle high-stakes multigovernment investigations and manage the risks of expensive new claims across jurisdictions, say lawyers at Paul Weiss.
What 2025 Holds For UK, EU Restructuring And Insolvency

European Union and U.K. restructuring developments in 2024, with a new era of director accountability, the use of cramdown tools and the emergence of aggressive liability management exercises, mean greater consideration of creditors' interests and earlier engagement in restructuring discussions can be expected this year, says Inga West at Ashurst.